Officers in the Mediterranean port of Malaga recovered the specially-constructed cycle, seeing it marked at 120 euros (NZ$215) when its exceptional technical characteristics should have placed its value at around 12,000 euros (NZ$21,500), a statement says.

The bicycle had not yet been reported stolen because teams competing in the three-week Grand Tour had not yet had time to call the police. However, investigators identified the machine as belonging to the Australian team Orica Greenedge.

The cycle was returned to its rightful owners Sunday, the day the race ends in Madrid.

The police statement said a Malaga resident "with a long police record" had sold the bicycle to the shop along with another one also on display.

"We are going to offer a jersey with stripes on to the person who stole the Orica Greenedge bike," police said on their official Twitter account Sunday. "His race ends in jail."